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Amsterdam Business School

Master in International Finance


Contents MIF at a glance Why MIF? What is the programme structure? What is the return on my investment? Why ABS? Fees and admission

The University of Amsterdam is a modern university with a rich history. Founded in 1632, the UvA has grown into a world-class research and teaching university with strong international connections. With seven major faculties, a wide range of courses and renowned academics and researchers, the UvA is ranked 56th in the world and first in The Netherlands. The university is also a member of LERU, a network of renowned European research universities such as Oxford, Cambridge, University College London, Zurich, Leuven, Leiden and Edinburgh. The UvA’s reputation and location annually draws thousands of international students.

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The university’s Amsterdam Business School is perfectly situated in a city that is a major financial and business centre and a gateway to Europe and the rest of the world. The ABS is part of the Faculty of Economics and Business and reflects Amsterdam’s traditions as an international, entrepreneurial, intellectual and socially responsible community. Building on these traditions, ABS’s educational philosophy is characterised by excellent lecturers, an international student base, small-scale interactive seminars, workshops and case-based programmes, all designed to stimulate active student participation. Excellent (international) students are attracted by the ABS’s two flagship programmes, The Amsterdam MBA, and the specialised Master in International Finance (MIF).


Promoting leadership and excellence in finance

A Master’s degree in Finance can have a profound impact on your career. It is important to make the right choice because it is a major investment in time and money. There are four reasons why you should put the Amsterdam Business School’s Master in International Finance (MIF) at the top of your list. Firstly, your qualification must have credibility. The MIF is an established and well recognised programme, building on the school’s distinctive strengths in corporate finance, asset management, banking, and financial econometrics. Secondly, the programme combines business relevance and academic rigor in a unique and exciting way – it combines the input of top academics, policy makers and key figures in the financial arena. Thirdly, if you choose to study finance, it is best to do so at an acknowledged centre of financial and business activity. Amsterdam is one of Europe’s main international commercial hubs, and most major financial firms are represented in the city. The MIF takes full advantage of this vibrant environment – not least via our regular industry guest speaker talks and internships that conclude many student programmes. These are key features that give the MIF credibility with prospective employers. But last and not least, Amsterdam is a fun place to live, having a uniquely welcoming attitude towards visitors. It is a great place to spend a year or two, and, to make things easier, nearly everyone speaks English.

Our current MIF class includes students from all over the globe. This mix of full-time and part-time students representing a diversity of cultures, profes3 sional backgrounds and academic skills is an amazingly exciting environment that brings a distinct added value to your educational experience. We hope you will choose to join us here. Good luck with your application! Dr Stefan Arping and Prof Arnoud Boot Programme Directors


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MIF at a glance Key features n  Advanced master’s programme in finance, running successfully since 1996 n  18-24 months part-time (evenings), 12 months full-time n  Designed and taught by ABS’s world class finance group n  Truly international in staff, students and content n  Small-scale, interactive classes, linking theory to practice n  Located in one of Europe’s main financial and business centres n  Excellent springboard to boost your career n  International study trip as part of core curriculum Degree and accreditation n  Degree: Master of Science in International Finance n  Awarded by the University of Amsterdam n  NVAO accredited by the Dutch Government n  CFA Program Partner n  ABS is EQUIS accredited by EFMD Fees and funding n  Tuition fee: 26,000 euro (full-time or part-time) n  Scholarships available for full-time students, based on merit n  Early bird discount available for all students Admission requirements n  Strong bachelor’s degree in economics, business, law or quantitative field n  English language proficiency: TOEFL (or IELTS) n  GMAT or GRE required for full-time students n  Work experience desirable but not mandatory

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Why MIF? The MIF programme has a strong background in research, teaching and practice. Most of the teaching is conducted by faculty members from the Finance Group at the Amsterdam Business School. The Finance Group is among the top finance departments in Europe and possesses a strong international character with researchers from 14 countries.

Anoop Henry D’Souza (India), student MIF, full-time class of 2009-2010

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‘The MIF offers students with a non-financial background the opportunity to build a strong financial knowledge base that is not just theoretical but draws on current professional practices. Indeed, with a background in engineering I have been able to leverage my previous skills as well. Amsterdam is a vibrant, colorful city whose people come from all parts of the globe. It is steeped in history with beautiful buildings, canals, parks and cultural centres. The courses in the first half of the programme helped enhance my basic financial knowledge and set me up very nicely for the more challenging second half. Most of my electives such as Asset Management, Risk Management involved considerable interaction with practitioners – fund managers, risk experts etc. which helped put matters in perspective. Also, the assignments involved plenty of group work and I gained a lot from working with colleagues who had more financial experience than me’.

MIF professors and lecturers enjoy an international reputation and many have published extensively in leading academic journals. Faculty interest areas include a wide variety of subjects, such corporate finance, asset pricing, derivatives, capital market integration, corporate governance and financial regulation. MIF graduates have excellent career prospects.

Visit our website at www.abs.uva.nl/mif for more information about lecturers, the MIF programme, and the course curriculum. Small scale interactive classes

The MIF programme develops both your expertise and your skills for using this knowledge in your practice as a financial specialist. To achieve this, we have deliberately chosen for quality over quantity, where our small scale, interactive classes allow lecturers to give individual attention to students. Class size is limited so that students have more opportunity to exchange perspectives and professional experiences with each other. The inter­ active lectures require students to participate in case studies and assignments that develop and apply their skills.

‘A strong financial knowledge base that is not just ­theoretical but draws on current professional practices’.


Class profile

CFA Program partnership

The Amsterdam Business School welcomed a highly talented and diverse class of MIF students in September 2010. The variety of students in terms nationality, professional experience and educational background is high. Nineteen nationalities are represented in the class and almost half of the students are female. Many students have professional experience in finance, but a whole range of other professional backgrounds are also represented in the class. The faculty has an international character as well. Our students are taught by professors from several countries, including The Netherlands, Germany, the United States of America, Italy, Britain, France, and Australia. All in all, the MIF class serves as an example for everything the Amsterdam Business School stands for: exceptional, motivated students from diverse backgrounds, studying innovative courses, and taught in small groups by world-class academics and practitioners.

Countries represented Argentina Armenia Bulgaria China Germany Greece India Iran Latvia Mexico

Nepal Netherlands Peru Romania Russia Taiwan Turkey United States Vietnam

Work experience (top 5) PT FT Financial services 38% 25% 13% Manufacturing 18% 8% 10% IT and telecom 8% 5% 3% Consultancy 5% 0% 5% Research/Education 5% 0% 5%

South America

8% North America

10% The Netherlands

10% Europe (without The Netherlands)

23%

Overview PT FT Class enrollment 42% 58% Women 45% 35% 52% Average age 27 31 25 Avg. years work exp. 4 6 2 Countries represented 19 12 10

Asia

49% Educational background (top 5) PT FT Business/Commerce 45% 28% 18% Finance/Economics 23% 8% 15% Engineering 18% 3% 15% Social Sciences 8% 0% 8% Natural Sciences 5% 3% 3%

The MIF is a recognised CFA Program partner. CFA Program partnerships are awarded by the CFA Institute to a select number of business schools and universities around the world. The CFA Institute uses the CFA Program partner designation to recognise finance degree programmes that are (i) academically rigorous and (ii) closely aligned to professional practice. The MIF covers at least 70% of the CFA Program Candidate Body of Knowledge (levels 1-3), including ethical and professional standards. Here is how the CFA Program partnership can benefit you: ■ Each year five scholarships will be available to enable MIF students to take the Level 1 CFA exam at a highly reduced fee (savings of up to USD 770). ■ Scholarships to take Level 2 and 3 CFA exams are available from the CFA Society of the Netherlands. ■ A full set of CFA study materials is available at the ABS International Office. ■ Covering at least 70% of the CFA Program Candidate Body of Knowledge, the MIF is an excellent platform to prepare for the CFA exams (levels 1-3). ■ Each year a select number of MIF students will have the opportunity to participate in the CFA Global Investment Research Challenge, an equity research competition among student teams from the world’s top business schools and universities.

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Selected Faculty Profiles

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Arnoud Boot Arnoud Boot is Professor of Corporate Finance and Financial Markets at the University of Amsterdam and director of the Amsterdam Center for Law and Economics. During 2000-2001, Professor Boot was a partner at the Finance and Strategy Practice of McKinsey & Co. His research focuses on corporate finance and financial institutions and he has written extensively on many aspects of his research. His publications have appeared in major academic journals such as the Journal of Finance, American Economic Review, Economic Journal and the International Economic Review. Professor Boot also advises extensively on ownership structure issues, particularly in the public/private domain, and established the Amsterdam Center for Corporate Finance think-tank to improve the interaction between theory and practice. Peter Boswijk Peter Boswijk is Professor of Financial Econometrics at the University of Amsterdam and director of the Graduate School of Economics. He currently teaches Advanced Time Series Econometrics, Financial Econometrics and Stochastic Calculus. After obtaining his PhD from the University of Amsterdam, he continued his econometrics research with a grant from the Royal Netherlands Academy of Arts and Sciences. He has been Visiting Professor at leading schools, including the Technical University of Lisbon and the University of California, San Diego. His research has been published in journals such as the Journal of Business and Economic Statistics, the Journal of

Econometrics and the Review of Economics and Statistics. His research interests include the econometric analysis of time-varying volatility and non-normality in financial returns. Alessandro Beber Associate Professor of Finance Alessandro Beber is a lecturer in the graduate and executive programmes at the University of Amsterdam Business School. He was previously a lecturer and researcher at institutions such as HEC Lausanne, the Columbia University Graduate Business School and London Business School. Professor Beber won the Goldman Sachs Asset Management Award for the best paper published in the Review of Finance in 2009. His research interests include asset pricing, derivatives, risk management and corporate finance. Widely published in top academic journals such as The Journal of Financial Economics, The Review of Financial Studies, and the Review of Finance, Professor Beber’s research has been presented at universities and major academic conferences. He holds a PhD in Finance from the St. Anna School of Advanced Studies. Ines Chaieb Ines Chaieb is an Assistant professor of Finance at the University of Amsterdam since September 2006. Her ongoing research focuses on the impact of institutional factors, governance and the information environment on capital market integration and the limits to financial globalisation. She has worked on issues of market integration, emerging markets liberalisation and currency risk exposure and pricing, and she has

presented her work at top academic conferences such as the EFA and received a best paper award. Her research has been published in the Journal of Financial Economics. She received her PhD from McGill University (Canada). She also holds an MSc in financial engineering from HEC Montreal. Wady Haddaji Wady Haddaji is Lecturer of Finance at the University of Amsterdam. He holds a PhD in Finance from Duke University. Professor Haddaji has worked in the industry for three years in credit risk management and actuarial consulting. His last industry position was with Constellation Energy Group as a credit associate. Wady’s research interests focus on empirical corporate finance, particularly in corporate governance issues. Ludovic Phalippou Ludovic Phalippou is Associate Professor of Finance at the University of Amsterdam. He holds degrees from INSEAD (PhD in Finance), the University of Southern California (Masters in both Mathematical Finance and Economics) and Toulouse University (BSc in Economics). He is also a Research Fellow at Yale University. He has received three ‘best paper’ awards and six research grants. His research has received write-ups in major newspapers and has been published in leading academic journals: The Review of Financial Studies, Journal of Economic Perspectives, Harvard Business Review and Review of Finance. Most of his current research efforts focus on the risk and return of investing in private equity funds.

‘The internationally renowned faculty members are dedicated to transferring the latest academic knowledge.’


What is the programme structure? The MIF introduces students to cuttingedge developments in international corporate finance, banking, and asset management. The curriculum aims to prepare students for a professional rather than an academic career. Nevertheless, high academic standards are maintained and students are introduced to the most recent research in the respective areas. At the same time, experts from the financial services industry are regularly involved in the development and evaluation of the course curriculum, guaranteeing that the curriculum has a high degree of practical relevance. All courses are taught in English. Full-time or part-time evening programme

The MIF allows you to study full-time over a period of 12 months or part-time over a period of 18-24 months. Both programmes start in September 2011. The part-time option is designed for those who wish to follow the MIF programme while continuing to be fully employed. Classes for part-time students take 6-8 hours a week, mostly during two evening sessions. Class preparation, casework and assignments demand a further 10-12 hours a week.

Calendar

The MIF programme starts in the beginning of September with a one-week introduction course in financial accounting and quantitative methods in finance. During this intensive introduction week, you also have the opportunity to meet fellow students, to familiarise yourself with the ABS facilities, and to explore Amsterdam. The course curriculum ends around mid-June, leaving the summer months for an internship (optional) and your thesis. In January, MIF students embark on a one-week international study trip. In past years, this study trip took place in Cape Town, South Africa, providing students with a unique opportunity to meet local financial institutions and entrepreneurs. The Amsterdam MBA

The Amsterdam Business School also runs an international MBA programme. MIF students can fully benefit from this and can complete the MBA within one year (part-time) after completing the MIF.

Sali Salieski (Macedonia), MIF alumnus, ING Corporate Risk Department, Amsterdam

‘The Master in International Finance is committed to providing a world-class educational experience. Firstly, the inter­ nationally renowned faculty members are dedicated to transferring the latest academic knowledge by linking theoretical concepts to the real world of finance today. Secondly, the course organisation is flawless and the staff is very experienced in facilitating the needs of international students. Thirdly, the strict entry criteria ensure a challenging and competitive study environment. Fourthly, small groups of students facilitates intense interaction and hands on practical learning experience. Finally, the large network of associated companies, professionals and institutes and frequent visiting lectures makes the market tangible to students. The workload puts high demands on students and the high pressure and stress experienced throughout the programme prepares students well for a career in the highly competitive and demanding financial world.‘

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MIF Full-Time Programme

Core Courses

Electives (4 courses)

Introduction Programme

Financial Accounting Quantitative Methods in Finance

Block 1 (September – October)

Corporate Finance & Valuation Investments Financial Econometrics

International Taxation & Accounting

Block 2 (November – December)

Advanced Corporate Finance Financial Derivatives International Financial Management

Advanced Valuation & Financial Analysis

Block 3 (January – March)

Fixed Income International Banking Financial Modelling

Advanced Financial Econometrics

Block 4 (April – June)

Advanced Asset Management Advanced Risk Management Bankruptcy and Corporate Reorganisation Computational Finance with MATLAB Real Estate Finance Structured Finance

Summer Term

Master Thesis Project

MIF Leadership Programme

Communication & Presentation Skills Financial Ethics and Governance International Study Trip

10 Please note that the list of core and elective courses is tentative and may be subject to change. MIF Part-Time Programme Core Courses Year 1

Electives (4 courses)

Year 2

Introduction Programme

Financial Accounting Quantitative Methods in Finance

Block 1 (September – October)

Corporate Finance and Valuation Investments

Financial Econometrics

International Taxation & Accounting

Block 2 (November – December)

Advanced Corporate Finance Financial Derivatives

International Financial Management

Advanced Valuation & Financial Analysis

Block 3 (January – March)

Fixed Income Year 1 or 2: International Banking Year 1 or 2: Financial Modelling

Year 1 or 2: International Banking Year 1 or 2: Financial Modelling

Block 4 (April – June)

Advanced Asset Management Advanced Risk Management Bankruptcy and Corporate Reorganisation Computational Finance with MATLAB Real Estate Finance Structured Finance Master Thesis Project

MIF Leadership Programme

Advanced Financial ­­ Econometrics

Communication & Presentation Skills International Study Trip

Financial Ethics and Governance

Please note that the list of core and elective courses is tentative and may be subject to change. Evening or weekend availability cannot be guaranteed for all elective courses.


What is the return on my investment? The MIF programme will boost your career by deepening your finance know­ ledge and finance skills. Obtaining this renowned and recognised degree has enabled MIF alumni to pursue a successful career in finance.

The Netherlands for up to 5 years after graduation, without needing a work permit. There are a few conditions (minimum salary, type of company), but these are usually met easily by MIF alumni.

The degree

Time between graduation and ­employment

The Master of International Finance is an advanced MSc programme. Upon completion, students are awarded the degree Master of Science in International Finance. Career perspective

During your time at the Amsterdam Business School, our career office ­provides you with opportunities to strengthen your career skills and meet companies in our network. Our alumni are also a valuable source for leads, interviews and contacts. Graduates of the full-time programme planning to stay in The Netherlands after graduation can stay and work in

Recent research among our alumni shows that 87% of the respondents had found employment by the time they finished the programme or within 2 months, and the other 13% found employment within 4 months of the end of the course. Alumni network

Since 1996 the MIF programme has delivered hundreds of Alumni. Their careers cover the full spectrum of expertise in the field of finance. MIF alumni work at companies like Royal Bank of Scotland, ING, Siemens, DSM, HSBC, and Philips. The MIF alumni network is a valuable asset to MIF students during and after completion of the MIF.

‘The MIF helped me develop my knowledge in the field and to take some further steps in my career.’

Jeyne Chun (Brazil), MIF alumna, ABN AMRO Controlling ALM Department

‘I chose to do a Finance master because I work in Finance and I wanted to expand my knowledge in the International Finance area. Also, I think it is important to show you have an Executive Master on your CV. I chose the Amsterdam Business School MIF because I liked the idea of working and studying at the same time. I chose a programme that would allow me to combine the two. The programme lived up to my expectations. I was looking for a professional course that would help me in my career, both in terms of content and professional development. I also try to keep in touch with the MIF network that I built while studying here. The MIF helped me develop my knowledge in the field and to take some further steps in my career. I currently work for the ABN AMRO bank where I am the Controller in the Controlling ALM department’.

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Why ABS? The Amsterdam Business School is located in the capital of The Netherlands, one of Europe’s most frequently visited cities. The historic city centre is famous for its architecture and canals. The city also has an outstanding and well deserved reputation for its variety of entertainment. Amsterdam has always been known for its intellectual freedom, which has greatly stimulated the international exchange of ideas and research. Again and again, Amsterdam has proven itself an important centre for cultural, social and financial developments. Most residents speak English and the city is a melting pot of cultures and races that are welcome in a way that is probably unmatched throughout Europe. It is this mixture that makes Amsterdam a pleasure to visit or live in. It is a real cosmopolitan capital and one of Europe’s most beautiful at that. The city is well organised and accessible and bicycles and public transport will get you anywhere you need to go.

Centre for international finance

The ABS’s Master in International Finance benefits greatly from the city’s real-world business environment, which is literally right around the corner. The Dutch capital is a leader in finance and trade, and is at the heart of Europe in more ways than one. International finance was born in Amsterdam, built on the capital amassed by the merchants of the 17th century known as the Golden Age. The world’s first public stock exchange was founded in Amsterdam, and served as an example for stock markets all over the world. The first multinational, the Dutch East India Company or VOC, was established in Amsterdam, demonstrating the entre­ preneurial spirit of The Netherlands in general and Amsterdam in particular. Amsterdam now has a wide-ranging economic base, but the most important sectors providing over 120,000 jobs are still business and financial services. Together, the stock exchange, the central bank and the regional head offices of numerous international and Dutch firms make Amsterdam the financial and business heart of The Netherlands and a prestigious international business centre.

‘Compared to other finance masters, the Amsterdam MIF has a very good ranking in Europe.’

Ioanna Lepida (Greece), student MIF, part-time class 2008-2010

‘After completing my bachelors’ degree in Greece, I moved to Amsterdam with the intention of attaining international experience. I chose the ABS and Amsterdam MIF for two reasons: First, compared to other finance masters, the Amsterdam MIF has a very good ranking in Europe. Second, my sister, Katerina, completed the same degree four years ago and she recommended the programme. Amsterdam is a beautiful city! The buildings and the canals are simply picturesque. The Dutch welcome expatriates and the fact that everyone speaks English make everything easier for us. Furthermore, Amsterdam is considered a financial center with many career opportunities. Overall, the courses were very interesting and helped me acquire a more complete picture of the various fields in the financial world. The classes were interactive and the level is advanced. Numerous assignments are a major part of each course, enabling you to apply the theory in practical case studies.’

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Fees and admission The planned intake for the Master in International Finance programme starting in September 2011 is approximately 60 students. The Admissions Committee admits students on a rolling basis per month, and as the number of places is limited, we would like to encourage you to apply early. Online application for the full-time and part-time programme is possible until June 30, 2011. Fees

For the full-time and part-time students starting September 2011 the tuition fee is € 26,000. The fee covers the whole programme including courses, international study trip, use of the MIF facilities, university registration and examination 14 fees. The fee does not cover text books, living expenses and accommodation. Admission requirements

■ Bachelor or Master degree Applicants are required to hold a recognised undergraduate degree preferably in economics, finance, business, law, or a quantitative discipline. ■ Evidence of analytical and conceptual skills, a desire to strive for excellence, a proven capacity for hard work, and willingness to contribute to a highly diverse learning environment in terms of nationalities and backgrounds. ■ GMAT or GRE The GMAT or GRE is compulsory for all applicants to the full-time programme. Applicants with a PhD qualification may apply for an exemption. ■ English language proficiency

Part-time students can opt for our in-house test. This test will substitute the GMAT or GRE requirement. In case you are not sure if you meet the admission requirements, you can upload your CV into our CV Quick Scan to check your eligibility at www.abs.uva.nl/mif Scholarships

For excellent full-time students the Amsterdam Business School has a few scholarship possibilities available. ■ MIF Tuition Waiver Scheme These waivers are available for excellent candidates with a good first degree, relevant professional experience and an excellent GMAT score. Tuition Waiver Schemes are only available for full-time students and your complete online application must be received by us before May 31, 2011. ■ Neso Scholarships Please check the Neso office of your country to find more information or via www.nuffic.nl/neso. ■ Scholarships by the Dutch Government Information is available from the Dutch embassy or consulate in your country or via www.grantfinder.nl. Online application

Your application starts with applying online at www.abs.uva.nl/mif. Please find the information regarding the required documents for admission on this website. International Office

If you would like to receive further information about the programme you are welcome to contact the International Office: +31 20 525 4388 or MIF@uva.nl.


‘The Amsterdam Business School aims to produce, advance and disseminate knowledge at the highest international academic levels and to meet the needs of the businesss community, as well as students and society at large. To be recognised internationally as one of the leading Business Schools in Continental Europe by 2015’

Although this brochure has been prepared with the utmost care, no rights can be derived from its contents. Colophon Lay-out: RAADHUIS voor creatieve communicatie Photography: Hollandse hoogte/ Cosmo Condina/ Stock Connection/ Rex Features Ineke Oostveen Editor:

Veerle van der Heide


University of Amsterdam Amsterdam Business School International Office – MBA Plantage Muidergracht 12 1018 TV Amsterdam The Netherlands T +31 20 525 4388 F +31 20 525 5092 mif@uva.nl www.abs.uva.nl/mif

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